Industry Insight Report: HVAC & Plumbing Contractors Q1-2024
Industry Insight Report: HVAC & Plumbing Contractors Q1-2024
Wage Growth Outpaces Price Growth
Producer prices charged by nonresidential HVAC and plumbingcontractors have risen steadily in 2023 and, by Q4, were up slightly over the same period in 2022, according to the Bureau of Labor Statistics (BLS). However, BLS data shows wages in the industry are rising faster than pricing, which could signal a pinch on contractor margins. Industry employment increased slightly in Q4 compared to the same time a year earlier, according to the BLS.
News Spotlight:
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Industry Forecast
Sales for the US HVAC and plumbingcontractors industry are forecast to grow at a 5.68% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by HVAC and plumbingcontractors increases Overall employment by HVAC and plumbingcontractors changed 4.6% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at HVAC and plumbingcontractors rise Average wages for nonsupervisory employees at HVAC and plumbingcontractors were $35.37 per hour in December, a 4.9% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: HVAC & Plumbing Contractors Q1-2024
Wage Growth Outpaces Price Growth
Producer prices charged by nonresidential HVAC and plumbing contractors have risen steadily in 2023 and, by Q4, were up slightly over the same period in 2022, according to the Bureau of Labor Statistics (BLS). However, BLS data shows wages in the industry are rising faster than pricing, which could signal a pinch on contractor margins. Industry employment increased slightly in Q4 compared to the same time a year earlier, according to the BLS.
News Spotlight:
US new home construction surged last month, as mortgage rates stayed high
CNN Business Full Article »
Industry Forecast
Sales for the US HVAC and plumbing contractors industry are forecast to grow at a 5.68% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by HVAC and plumbing contractors increases
Overall employment by HVAC and plumbing contractors changed 4.6% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at HVAC and plumbing contractors rise
Average wages for nonsupervisory employees at HVAC and plumbing contractors were $35.37 per hour in December, a 4.9% change compared to a year ago.
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